Bill > LC1860

This bill revises tax credit laws for elderly homeowners and renters in Montana by introducing a new "workforce renter's tax credit" for individuals under 62 years old with gross household income less than $45,000. The credit is designed to help renters whose rent constitutes 30% or more of their earned income, with credit amounts ranging from $1,200 to $1,750 depending on the proportion of rent to earned income. A special provision allows qualifying teachers to exclude non-teaching earned income when calculating the credit. The bill also modifies existing definitions and calculation methods for residential property tax credits, increases the maximum credit amount from $1,150 to $1,700, and adjusts income thresholds for partial credit eligibility. The legislation prevents renters in deed-restricted affordable housing or dwellings not subject to Montana property taxes from claiming the credit. Additionally, the bill includes provisions for annual inflation adjustments to income thresholds and ensures that if the credit amount exceeds the claimant's tax liability, the excess will be refunded. The changes are set to apply retroactively to income tax years beginning after December 31, 2024.

https://bills.legmt.gov/#/lc/bill/2/LC1860